Thursday, March 9, 2017

Top LA County Pension Passes $400,000 Mark (Marinwood has a pension crisis too!)

The top pension payout at the Los Angeles County Employees' Retirement Association (LACERA) has eclipsed $400,000 for the first time ever, according to just released public pension data.

Today, Transparent California released 2016 pension payout data for the city and county of Los Angeles, as well as the San Diego City Employees' Retirement System (SDCERS).

Former Harbor-UCLA Medical Center chief physician Charles Mehringer's $403,375 pension was the first time the $400,000 threshold was broken at LACERA. The next 3 highest LACERA pension payouts went to:

Former fire battalion chief Benjamin Castro's $885,848 payout topped the SDCERS list — $816,760 of which came from the controversial deferred retirement option plan (DROP). DROP allows an employee to draw a salary and pension simultaneously for up to 5 years, with each year’s pension being deposited into an interest-bearing account. Upon actual retirement, the accumulated balance can be withdrawn either as a lump-sum payment or rolled over into an annuity.

Transparent California is California’s largest and most comprehensive database of public sector compensation and is a project of the Nevada Policy Research Institute, a nonpartisan, free-market think tank. Learn more at TransparentCalifornia.com.

Editor's Note: Marinwood CSD has a major problem with its pension and personnel costs and no realistic plan in place to pay. It is a looming crisis, yet full time staff continues to be added to payroll when an aggressive restructuring is needed. The only action the board has taken has to open an irrevocable trust to pay for healthcare costs. The employee groups are scared too and want to insure they have something if a bankruptcy becomes reality for the Marinwood CSD.

About SaveMarinwood.org

Our community is what we make it. Marinwood-Lucas Valley is on the eve of a fateful decision by the Marin County Board of Supervisors to designate our community with 71% of all affordable housing in unincorporated Marin. If built to plan it will swell our community by 25% and add 600-1000 school children to the Dixie School District. Since affordable housing developments pay virtually no taxes, the community will have to pay for the $6 million to $10 million annually estimated to educate these children. Our total budget for the Marinwood CSD is $4.2 million dollars. Clearly it will have a severe impact on our community.

We support a fair allocation of affordable housing in our community that is sensitive to land use, is fiscally responsible, healthy for the families and integrates diversity within our community.

Unfortunately, planners, politicians and political insiders made their plans without us.